Add impacts to a risk and assess the pre-treatment likelihood and impact rating.
Add impacts to a risk and assess the pre-treatment likelihood and impact rating.
Add and list the impacts associated with a risk in a single, easy to use table combining risks, causes, impacts, treatments, and more.
If you are looking for Mastt's complete Risk Register solution, go here. Otherwise, learn more about Impacts in Mastt below. 👇
Impacts are the outcomes or effects that could occur if a risk is realized. Most often, if a risk is realized the impacts are detrimental to the project, program or portfolio. These impacts can affect various aspects including scope, cost, schedule, quality, and stakeholder satisfaction.
How severe the Impact is, is determined through a likelihood and impact assessment on a risk matrix, which informs the appropriate prioritization of that risk and its treatment measures, ensuring proactive risk management.
Common challenges we see in managing impacts:
❌ Spreadsheet Difficulty: Using spreadsheets to manage risks and incorporate impacts by adding columns, rows, and formulas is difficult.
❌ No Risk Management Framework: Without following global standards and a well-defined risk matrix, evaluating the impact of risks will be inaccurate and inconsistent.
❌ No Impact Tracking: No direct connection between causes, impacts, and treatments makes likelihood and impact assessment non-compliant with global standards.
❌ No Category Tracking: Different categories of risks have different impact ratings. Without categorization of impact assessments, risk management is non-compliant with global standards.
❌ Reporting: Formatting / transposing spreadsheet data into charts and visualizations for reporting is far too time-consuming for an unsatisfactory and out-dated result.
❌ Manual Aggregation: To obtain program or portfolio visibility, resources need to collate and format data from multiple sources, contributing to inaccuracies and delays.
Mastt’s user-friendly risk management tools will enhance your risk management capabilities and ensure adherence to best-practice processes.
🔷 Add Impact: List impacts associated with identified risks.
🔷 Description: Add free text to describe the impact in detail for greater context and risk documentation.
🔷 Track Status: Monitor impacts through status of draft, active, retired or realized.
🔷 Pre-Treatment Rating: Use a 5x5 or 4x4 risk matrix to conduct a likelihood and impact assessment and determine a pre-treatment risk rating.
🔷 Treatments: Mitigate impacts by adding treatments to reduce likelihood and/or impact ratings.
🔷 Post-Treatment Rating: Use a 5x5 or 4x4 risk matrix to conduct a likelihood and impact assessment and determine a post-treatment risk rating.
🟢 Early Identification: Commence the risk identification process early in the project lifecycle. Engage the wider project team, inclusive of stakeholders, to identify all potential risks and their impacts.
🟢 Assess Severity: Use a structured risk management framework and well-defined risk matrix to evaluate the severity of each impact in a standardized and accurate manner, ensuring the correct prioritization of mitigation efforts.
🟢 Track Regularly: Monitor the status of impacts regularly to ensure they are managed and mitigated effectively. This can occur through independent review or the facilitation of risk workshops at incremental periods throughout the project lifecycle.
🟢 Maintain Records: Keep detailed records of all identified impacts and their risk rating for future reference, compliance, and historical context.
🟢 Transparent Communication: Keep all stakeholders informed about potential impacts and mitigation plans. Regular communication ensures that all parties are aware of potential issues and can contribute to managing them.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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